Deposit and Disbursement Clause Samples
The Deposit and Disbursement clause outlines the procedures for handling funds that are deposited as part of a transaction, such as earnest money or security deposits. It specifies who holds the deposit, under what conditions the funds may be released or disbursed, and the responsibilities of the parties involved. For example, it may state that a neutral third party, like an escrow agent, will hold the deposit until certain conditions are met, such as the completion of a sale or fulfillment of contractual obligations. This clause ensures that funds are managed securely and transparently, protecting both parties and reducing the risk of disputes over money handling.
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Deposit and Disbursement. 1.1 Escrow Agent hereby agrees to receive and disburse the proceeds from the Offering of the Shares and any interest earned thereon in accordance with the terms of this Agreement.
1.2 The Escrow Agent shall accept such proceeds as deposits from the Company and/or Tradeway Securities Group, Inc. Deposits may be made by check, wire transfer or other means, which are designated or instructed to be paid to a special interest-bearing escrow account in the name of "First Trust, N.A., as Escrow Agent for Pacific MultiMedia, Inc." (hereinafter the "Escrow Account") at First Trust National Association, until the Threshold Amount (or such greater amount as the Company may direct in writing) has been deposited into the Escrow Account as good funds. All proceeds are to be deposited in the Escrow Account immediately upon becoming good funds.
Deposit and Disbursement a. The Escrow Agent hereby agrees to receive and disburse the proceeds from the Offering and any interest earned thereon in accordance with the terms of this Agreement.
b. The Company or its authorized placement agents, on behalf of the Subscribers, shall from time to time cause to be wired or deposited with the Escrow Agent all proceeds received from the sales of Units by 12:00 p.m., New York City time, the next business day following the receipt of such proceeds by the Company or its authorized placement agents. Such proceeds shall be placed in a special interest-bearing escrow account, in the appropriate sub-account at the Escrow Agent designated for each Series (the "Escrow Account") until the Threshold Amounts for each Series (or such greater amount as the Company may direct in writing) have been deposited in said account. The Company shall direct Subscribers to identify the Series for which such deposits are being made, and direct subscribers to make payments to the Escrow Agent using the instructions identified on Exhibit C attached hereto and incorporated herein. All proceeds are to be deposited in the Escrow Account within three (3) business days after receipt by Escrow Agent.
c. As deposits are made in the Escrow Account and at least every 3rd business day, the Company shall cause to be delivered to the Escrow Agent with each such deposit a list showing the name, address, and tax identification number of each Subscriber as well as the name and address of each payor, by Series, which list shall not be cumulative but shall identify only new deposits. The Escrow Agent shall keep a current list by Series of the persons who have subscribed for the Units and deposited money, showing name, date, address and amount of each subscription. All funds so deposited shall remain the property of the Subscribers, subject to the provisions of Section 5 herein. The Escrow Agent shall promptly forward to the Company any subscription agreements which it may receive directly from Subscribers.
d. If the Company rejects any subscriptions for which the Escrow Agent has already collected funds, or in the event that the Subscriber rescinds its subscription in conformity with the requirements of the North American Securities Administrators Association Inc. Guidelines for Registration of Commodity Pool Programs, which rescission has been approved by the Company and the Company has notified the Escrow Agent thereof, the Escrow Agent shall promptly issue a refund check to the ...
Deposit and Disbursement a. Escrow Agent hereby agrees to receive and disburse the proceeds from the offering of the Shares in accordance with the terms of this Agreement. Prior to meeting the Threshold Amount (defined below), the Underwriter will instruct Subscribers to wire funds to: RBK U.S. Bank N.A. ABA ▇▇▇▇▇▇▇▇▇ BNF USBANK CT WIRE CLRG Beneficiary Account Number: A/C 180121167365 Beneficiary Account Address: ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ St. ▇▇▇▇, MN 55107-2292 OBI PRMF Escrow Attn: ▇▇▇▇▇ ▇▇▇▇▇▇▇
Deposit and Disbursement. The Parties hereby agree that Buyer has deposited with Escrow Agent the amount of two hundred thousand dollars ($200,000) (the "Escrow Funds") for deposit to the Escrow Account. Escrow Agent shall not pay, release or distribute any portion or all of the Escrow Funds except in accordance with the provisions set forth in Exhibit A-1 attached hereto.